Trust Wallet CEO Sees Growth in Africa, South Asia, as Users Seek Stablecoin Access
Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.
Trust Wallet, a decentralized crypto wallet backed by former Binance CEO CZ (Changpeng Zhao) is experiencing user growth, particularly in developing regions like Africa and South Asia.
These areas are seeing a surge in interest as users seek access to stablecoins like USDC for financial security and stability, Eowyn Chen, the CEO of Trust Wallet told CryptoNews.
In a recent interview during Korea Blockchain Week 2024 (KBW), Chen shared insights on this growing trend and the broader dynamics of the cryptocurrency market. The firm remains backed by CZ despite his departure from Binance and four month stint in prison.
According to Chen, who is based in Dubai, despite market fluctuations, the platform has maintained consistent user downloads of around 1-2 million per week.
Chen explains this steady adoption highlights the growing need for on-chain wallets, particularly in regions where traditional financial systems may be less stable or accessible.
Users in these areas are turning to crypto wallets not only for asset management but also as a safe haven amid volatile local currencies.
“Many of our users in Africa and South Asia are looking for security and stability in their financial holdings,” said Chen.
“As a result, we’ve seen over $8 billion in USD stablecoins, particularly USDC, being held in Trust Wallet. People need a secure, accessible way to store their assets, and decentralized wallets are providing that solution,” explains the CEO.
Chen noted that in emerging markets, where banking infrastructure is often less developed, crypto wallets provide an
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